The configuration register has been changed incorrectly.
If there is no file present, see the Recover from a Corrupt or Missing Image section of this document See the Recover from a Continuous Reboot section of this document to determine if a valid system image is present in the bootflash.
The Compact Flash which holds the system image has been removed.
See the Recover from a Corrupt or Missing Image section of this document for more information.
A switch reload or crash after the image was corrupted or deleted.
Here are some reasons why switch could wind up in ROMmon mode from Cisco doc:
Recover Cisco 4507 Switch from a Continuous Reboot.
Recover Cisco Device using TFTP Server or External Card from a Corrupt or Missing Image or in Rommon Mode.
What I met is a situation Cisco 4500 switch got into Rommon mode and I have to find a quickest way to get in back in production before the maintenance window ends. Cisco Switch usually is quite robust and not give me hard time.